Vancouver, British Columbia--(Newsfile Corp. - February 9, 2018) - Stina Resources Ltd. (CSE: SQA) (OTCQB: STNUF) (the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement for gross proceeds of $365,999 through the issuance of 1,355,555 units ("Units") of the Company at a price of $0.27 per Unit (the "Offering"). Each Unit consists of one common share (a "Common Share") of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.45 for a period of three (3) years following the closing of the Offering.
An eligible person (the "Finder") was paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finder and Broker Warrants equal to 6% of the Units issued pursuant to the Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the Offering will be used for general working capital purposes.
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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